本研究主要探討國內銀行業與證券業之效率。進一步比較在金控與非金控架構下之經營績效，樣本期間為2001至2011年。採用Huang, Huang, and Liu（2012）所發展之隨機共同邊界模型（HHL模型），設立隨機邊界迴歸模型推估共同成本邊界，以期真實反映廠商之效率表現。實證結果顯示：金控銀行在經營效率上發揮經營綜效，其表現確實略優於非金控銀行，但兩者間差距不大；非金控證券明顯優於金控證券，值得注意的是，此產業在經營上有衰退的趨勢。此外，本文也映證HHL模型在估計TGR上確實比起以往使用的數理規劃法，較能捕捉廠商之特性，能提供更有效的估計值。 This study aims to discuss the operating performance of Taiwan’s commercial banks and securities firms. Furthermore, efficiency comparisons among financial holding companies subsidiary and non-financial holding company, using a new two-step stochastic frontier approach（HHL Model）to estimate meta-cost frontier, over the period 2001-2011,and expect to reflect the firm’s reality performance. The empirical results show that banks holding company yield synergy, and the management ability is slightly better than non-financial holding banks, but the efficiency of independent securities firms is significant better than financial holding companies subsidiary, and also find that existence recession of securities industry. Otherwise, this study appears to support the HHL Model is useful than programming techniques, because it enables the statistical inferences to be drawn, and provides more efficiency estimations.
